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Jane Bryant Quinn expresses support for CURIA

GRAND RAPIDS, Mich. (5/28/08)--Newsweek contributing editor Jane Bryant Quinn expressed her support for the Credit Union Regulatory Improvements Act (CURIA) during a keynote speech at the Michigan Credit Union League's Annual Convention and Exposition. recently. Quinn, ranked by World Almanac as one of the 25 most influential women in America, said she supported CURIA, in particular its provision that would allow credit unions to expand their lending to small business, according to the league (Michigan Monitor May 26).

The convention was held in Grand Rapids May 15-17. Quinn spoke about "Financial Empowerment in Today's Economy." Citing the "extraordinary irresponsible behavior of banks and the financial system" in recent years, Quinn termed credit unions "an island of sanity in a sea of madness." "Your communities need you now more than ever," Quinn told credit unions. The U.S. economy is in a recession, she said, noting a rise in unemployment, a decline in national income and corresponding drops in consumer spending and consumer confidence. "I don't see a lot of rescue coming from Washington, and I don't think we've hit bottom yet," she said. She urged the audience to abandon the notion that a home purchase represents a sure-fire growth investment because it won't generate a huge return. From a long historical perspective, the housing boom of the 1990s was an aberration, she told attendees. During a question and answer period, a member of the audience queried her on her past public support for credit union taxation. "I've changed my mind," she said. "Ten or 12 years ago, I thought the banks had an issue. Looking at the situation today--I was wrong." She offered guidelines for prospering in today's market. Among them: "Measure your risk and live a little below your income," she said.